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Assessments / Blog 2017-08-31 ES #F 2458 holding The eSignal Elliott wave tool show a completed wave 4 on the last swing high which is also a Smart money up bar. The 2458 level is holding so far with a strong resistance zone around 2461.50 to 2465 above. The Volume Simplified Oscillator show divergence to the down side, so we can expect a pullback. With more Selling pressure the 2449.25 to 2443.75 area should come into play. The total Elliott wave pattern picture has weakened (good economic data released has given the market a push to the up side), but if price stay below 2458 a swing low at 2406 is still possible. Watch the $VIX for a push to the upside (and the 11 level holding) and more Selling pressure developing for a down move. If this scenario does not materialise and the $VIX goes down further, we might see a run up aiming at a new high. RISK DISCLOSURE: The information delivered here is for educational purposes only and is not intended to be a recommendation to purchase or sell any of the stocks, futures or other securities referenced. All references are for illustrative purposes only and are not considered endorsed or recommended for purchase or sale by MC Trading. Trading Forex, Stocks and Options, Futures and any Commodity or ETF contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones financial security or life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results and no representation is being made that any account will or is likely to achieve profits or losses similar to those shown. MCTrading has taken reasonable measures to ensure the accuracy of the information contained herein and on this website, however MCTrading does not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or from an inability to access such information or any delay in or failure of the transmission or receipt of any instruction or notification in connection therewith. |